A nonprofit organization has been established by the team behind the Bitcoin Ordinals protocol with the aim of promoting the development of nonfungible tokens (NFTs) on the Bitcoin network. The California-based Open Ordinals Institute will provide funding to the core developers of the Ordinals protocol, including its pseudonymous lead maintainer, Raph.
The newly formed nonprofit will have four team members serving on its board: Raph, Erin Redwing (a Bitcoin-focused podcast host), an anonymous Ordinals developer known as Ordinally, and Casey Rodarmor, the creator of Ordinals.
The Ordinals protocol, created by Rodarmor and launched in January, quickly gained popularity as users sought to inscribe assets on the Bitcoin blockchain, including NFTs and Bitcoin-based cryptocurrencies.
In May, Rodarmor stepped down as the protocol’s lead maintainer and passed the role to Raph. Raph, described as an impoverished student, will rely on donations to fund his work on the protocol.
As of August 1, the total number of Bitcoin Ordinals inscriptions exceeded 21 million, marking a significant milestone for users of the Bitcoin network.
The team also launched the official website for the Open Ordinals Institute, giving users the opportunity to donate to the organization and stay updated on the development of the project.
Donations made to the Institute will be tax-deductible for United States taxpayers once the organization receives approval from the Internal Revenue Service, a process expected to be completed later this year.
The establishment of the Open Ordinals Institute reflects the growing interest in NFTs and their potential on the Bitcoin network. By providing funding and support to the core developers of the Ordinals protocol, the nonprofit aims to drive the advancement and adoption of NFTs on Bitcoin.
With the increasing popularity and mainstream recognition of NFTs, it is important to have organizations dedicated to their development and growth. The Open Ordinals Institute’s establishment is a step towards creating a robust ecosystem for NFTs on the Bitcoin network.
As the Ordinals protocol continues to evolve, it is likely that more developers and enthusiasts will contribute to its development, leading to new and innovative use cases for NFTs on Bitcoin.
The launch of the Open Ordinals Institute and its mission to foster the growth of NFTs on Bitcoin exemplify the ongoing efforts to expand the possibilities of blockchain technology. As the industry continues to mature, it is expected that more organizations will emerge to support the development of various blockchain-based applications and initiatives.
Overall, the establishment of the Open Ordinals Institute serves as a testament to the potential of NFTs and their role in shaping the future of the Bitcoin network. As the nonprofit continues to grow and garner support from the community, it is poised to make significant contributions to the advancement of NFTs on Bitcoin.
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